WILLEMSTAD – The government of Curaçao could generate significantly more revenue from state-owned enterprises than is currently reflected in the national budget, according to the College financieel toezicht Curaçao en Sint Maarten (Cft). The board is calling for an integrated state participation policy and more active shareholder oversight.
CFT
According to the Cft, the 2026 budget includes only seven million guilders in expected dividend income from government-owned entities, despite the fact that these companies collectively generate more than 100 million guilders in profits. The watchdog argues that this gap points to structural shortcomings in how the government manages and oversees its shareholdings.
The Cft warns that financial risks within state-owned companies can have direct consequences for the national budget. Improved supervision and clearer agreements on profit distribution are therefore essential, the board says. Without such measures, potential revenue is left untapped while fiscal risks remain insufficiently managed.
An integrated participation policy would give the government better insight into the financial position and risks of its companies, while also allowing for stronger control over dividend flows. According to the Cft, higher and more predictable dividend income could be used to support social priorities or strengthen Curaçao’s overall financial position.
Notably, the issue of state-owned enterprises was not mentioned in the government’s public communication following consultations with the Cft. While the official statement addressed topics such as economic growth, budget surpluses and the Tax Department, it made no reference to the Cft’s recommendations on state participations or the possibility of substantially higher dividend revenues.
As a result, a concrete financial concern highlighted by the Cft remains unaddressed in the government’s response, despite its potential impact on public finances and long-term budgetary sustainability.